Deputy Aksenenko named the expenses on a mortgaged apartment beyond the down payment

The down payment is not the only expense when buying with a mortgage

The down payment does not cover all the costs of buying an apartment with a mortgage: additional money will be needed separately for transaction processing, insurance, furnishing the home, and unexpected situations. This was told to Gazeta.Ru by Alexander Aksenenko, first deputy chairman of the State Duma committee on construction and housing and utilities.

A calculation based on a 10 million ruble apartment

The deputy gave the example of an apartment costing 10 million rubles with a 30% down payment. The buyer puts 3 million rubles toward the down payment, and the loan amount is 7 million rubles. At a conditional rate of 15.9% over a term of 20 years, the annuity payment comes to about 96.9 thousand rubles, and over the first 12 months payments to the bank will total approximately 1.16 million rubles.

What else will have to be paid for

According to Aksenenko, additional costs may include a property appraisal, registration fees, and any chosen support services. Insurance of the pledged property is accounted for separately. A personal life insurance policy is voluntary, but its absence can affect the rate under the terms of the contract. The most significant difference between properties, the deputy noted, is related to the home's readiness for living: an apartment without finishing needs renovation, furniture, and appliances, and when buying a property under construction, temporary rent payments may also continue. In the given scenario, 800 thousand to 1.5 million rubles is budgeted for renovating and furnishing the new home.

Advice on a financial reserve

“After making the down payment, it is recommended to keep in reserve about 10% of the loan amount. This money must be untouchable and can be used only to pay the loan in case of unforeseen circumstances, job loss, or health deterioration,” the deputy advised. For a loan of 7 million rubles, such a reserve would be about 700 thousand rubles. It should, Aksenenko concluded, be kept separate from the money already set aside for renovation and moving.

Context and significance

Earlier, as Gazeta.Ru notes, the minimum mortgage rates for 2027 were named. For buyers, these figures mean that the real need for savings significantly exceeds the size of the down payment: in the example alone, renovation, furnishing, and a reserve for loss of income are estimated at a total of approximately 1.5–2.2 million rubles on top of the 3 million down payment. The practical takeaway from the deputy's words is that when planning a purchase, one should calculate in advance not only the loan payment but also the associated expenses, and keep the reserve separate from the moving budget.